Condoleezza Rice joined the board of directors of KiOR, a biofuels startup, in June 2011. KiOR claimed to have developed technology to convert wood chips and biomass into renewable crude oil. The company went public in 2011 but struggled with production problems and financial losses. In 2014, KiOR filed for Chapter 11 bankruptcy. In 2015, former CEO Fred Cannon was indicted on fraud charges for misleading investors about the company's production capabilities. Rice's involvement with KiOR, while less prominent than her Chevron ties, reflects her continued engagement with the energy sector after government service — moving from fossil fuels (Chevron) to alternative energy (KiOR).